The product rates, available up to a maximum loan to value of 95%, include a two year fixed rate of 5.19% with a £995 fee, for home buyers with a Lloyds Bank current account.
First time buyers and home movers will be able to apply for Help to Buy mortgages in branches from Friday 03 January.
‘The announcement launches our participation in the Help to Buy scheme and allows us to make mortgages more accessible for more people. The scheme has so far been successful in helping people onto the ladder, and it has also given existing home owners more options, allowing them to move forward and take the next steps to their second and third properties,’ said Marc Page, Lloyds Bank mortgages director.
Meanwhile, Principality Building Society has announced that it will be participating in the Help to Buy Wales scheme, which launches today (Thursday 02 January 2014).
Mortgages will be available from Wales’ largest building society to home buyers purchasing a new build property who meet the Help to Buy Wales scheme criteria, including first time buyers and home movers, purchasing their residence in Wales up to a maximum value of £300,000.
The Welsh shared equity scheme will be open to borrowers with a deposit of at least 5%, the lender loaning up to 75 % and the Welsh government contributing a loan of between 10% to 20% of the purchase price.
‘We are pleased to announce that from January, Principality will be accepting mortgage applications for the Help to Buy equity loan scheme in Wales, as part of efforts to help the housing market move forward,’ said Graeme Yorston, Principality Group chief executive.
‘We aim to help as many people in our heartland to own their own home, but we know that for many this can be merely a dream. We believe that schemes such as this will ignite the market and help people to move onto and up the housing ladder,’ he added.
This comes as a range of other schemes are being discussed around the UK to boost the housing market.
‘At the moment there are a number of schemes being launched into the housing market and we are supportive of schemes that help move the market forward but we feel it has to be the right scheme for the Society and for our Members,’ explained Yorston.
‘Last year we launched a new 95% Loan to Value (LTV) mortgage product to support first time buyers onto the property ladder and encourage home owners to move up the property ladder, with a deposit of just 5% as well as other schemes that we have launched to encourage house building in Wales,’ he pointed out.
The Help to Buy Wales scheme is another useful addition to a range of measures to help ensure that potential buyers can access funding to help them buy their home in Wales,’ he added.
